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2020 Q4 Northeast Florida Industrial Market Report

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Tremendous Demand, limited supply

Jacksonville’s industrial market finished 2020 much the same way it started the year: with tremendous demand, limited supply of modern space and high rents. New construction has created a ‘trickle up’ trend, where tenants that have been stuck in older, less efficient space are finally trading up to newer and frequently larger spaces. Fortunately for property owners, expansions and net new locations have backfilled most of the new space developed in 2019-2020 but the vacancy rate is increasing and with that has come slowing rental rate growth.

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2020 Q4 Northeast Florida Industrial Market Report

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Guy Preston

Executive Director

Jacksonville

As an Industrial Specialist, Guy’s role is to provide his clients with expert and comprehensive advice in Industrial Sales and Leasing; Land Sales; Industrial Investment Sales; Port Site Sales and Leasing; Site Selection and E-commerce Distribution and Fulfillment Center Occupier Services.

One of his outstanding strengths is the ability to problem-solve to propel even the most complicated deals to the finish line.

He is a member of the Colliers International Logistics and Transportation Solutions Group, a practice group dedicated to delivering focused industrial real estate advisory services to better address the global economy. Guy has earned the SIOR Designation. SIOR is a society comprised of the most capable and experienced practitioners, delivering best in class service to clients.

Guy has closed transactions over $400M and in excess of 10M SF, as well as thousands of acres of land.

After graduating from Troy University with an Accounting Degree, Guy completed a four-year tour as a Missile Launch Officer in the United States Air Force. He then began his career in commercial real estate, where he continually strives to provide client centric service.

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Eric Bumgarner

Executive Director

Jacksonville

Eric Bumgarner is an Executive Director of Industrial Brokerage Service with Colliers North Florida. Eric focuses his efforts primarily on the disposition and acquisition of industrial business parks, single tenant net leased industrial and self-storage facilities. His brokerage activities include both seller/landlord representation and buyer/tenant representation of sales and leases in the specialty of industrial land and buildings for local, regional and international companies. Eric has a reputation of being a key player in the Jacksonville, FL industrial market with having completed over 600 transactions throughout his career totaling 5.2M square feet. These transactions are valued at more than $300 million and has placed Eric among the top producers within Colliers.

Eric has relevant hands-on experience when it comes to understanding the needs of industrial users, as he has worked for multiple contracting companies in his younger years and is a veteran of the United States Air Force where he served in Operation Enduring Freedom maintaining the missile defensive systems on C-130 cargo planes.

Prior to joining Colliers International, Eric managed the industrial division at Prime Realty.

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Joseph Turri

Director

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Seda Preston

Associate Director

Jacksonville

Seda began her career as an Industrial Specialist in 2016 and has amassed an accomplished list of clients and transactions. Her expertise is in leasing and sales of industrial assets, with particular focus on Agency and Tenant representation.

Utilizing her advisory skills and strengths in persistence and organization, Seda has closed leasing transactions of over 2.5M SF and sales transactions of over $200M. She is currently representing 3.2M SF of Agency industrial distribution product in Jacksonville.

 

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Michael Cassidy

Senior Associate

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Michael joined Colliers International | Northeast Florida in April 2019 as an Associate for the Bumgarner Industrial Team. As a third generation Floridian and a lifetime resident of Jacksonville, Michael has had the opportunity of creating strong connections with the local and regional market. He brings experience in sales, customer relationship management and financial analysis and his primary focus is to assist the Bumgarner Industrial Team while entering the market as an young professional and developing quality client relationships.

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Christian Oldenburg

Executive Managing Director, North Florida

Jacksonville

Christian Oldenburg is a dynamic commercial real estate executive with 17 years of experience and total transaction involvement in excess of $1 billion. As the Managing Director of Colliers International Northeast Florida, Christian is responsible for all aspects of Colliers’ operations in the North Florida region, with a focus on financial management, development of human capital and new business generation. Christian leads a team of 35 brokers and 15 support staff who are focused on advising clients who wish to sell, purchase or lease retail, office, medical, industrial, land and multifamily assets. Christian also collaborates with the firm’s Real Estate Management Services and Valuation and Advisory divisions on identifying and sourcing new business opportunities.


Christian’s real estate career began with Northmarq Capital as an Investment Analyst, a role in which he assisted in placing more than $350 million in debt and equity financing. He further developed his career with Regency Centers, where he held multiple financial and operational roles over his ten-year tenure culminating as Vice President of National Property Operations. Most recently Christian served as Senior Vice President of Block One Ventures – the real estate investment arm of a significant local family office. In that role, he oversaw all aspects of the company’s operations with a focus on ground-up development and asset management of land and multifamily assets valued around $300 million.

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